WATCH THE VIDEO HERE THE Central Bank of Nigeria (CBN) has announced that it will be terminating its Price Verification System (PVS) Portal starting from July 1, 2024. This decision was made in response to recent developments in the Nigerian Foreign Exchange Market. In a circular released yesterday, the Acting Director of the Trade & Exchange Department, W.J. Kanya, referred to a previous circular dated August 17, 2023, titled “Go-Live of the Central Bank of Nigeria Price Verification System Portal”. The Price Verification System Portal was introduced by the CBN as an online platform to ensure the accuracy of prices for goods and services in foreign exchange transactions, aiming to prevent over-invoicing and under-invoicing and promote fair pricing in Nigeria’s import and export sectors. With this new directive, the CBN stated that Form ‘M’ applications will now be validated without the need for a Price Verification Report from the PVS Portal. Additionally, it mentioned that the Price Verification Report is no longer a mandatory requirement for completing a Form ‘M’. This policy change is intended to simplify processes for authorized dealer banks and the public, potentially reducing the administrative burden associated with foreign exchange transactions.
CBN discontinues price verification system, approves ‘Form M’
